Whispering Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $118,000.

Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market price of the preferred is $225 each

Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $206 per share.